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Things have really got interesting. We have gotten quite a few pieces of mail from a single collector addresed to "Current Home Owner", "Current Tenant" and our land lord. All certified mail.
I still haven't told my land lord about these letters, but I did talk to them the other day regarding fixing my stove and why I haven't been recieving receipts for the past 3 months. The land lord informed that in December they found out that they have a life threatening desease and they they haven't gotten around to the receipts since they were focused on their medical treatments. They also mentioned they had to leave their work to focus on their health. This leads me to believe that they are now pretty much depending on me paying rent for them to carry on.
I have no reason not to believe the story as the land lord has been a very decent person for the past 2 years that I have known them. It saddens me to find out what has happened to them. Because of their health, they need to make many sacrifices and I'm sure the bank won't care one bit about the situation.
I guess I still have to think about what will happen to me. But not only do I have to deal with a potential foreclosure, I have to deal with the possibility that the land lord may actually pass away soon.
The OP has stated the LL does not care about the letters or showing any concern. Junk mail is not delivered by Fed Ex. Someone somewhere is trying to get a hold of the LL. As a previous LL myself, I have never had any mail sent to my rental. So if my tenant contacted me stating that Fed ex was sending me mail, I would check it out. I am realist, if I am paying for a roof over my head and have a serious concern I might be getting tossed I would investigate[/b]
My point was that if the bank knows where to send the mortgage bills to, they also know where to send NODs, etc. too.
I can't help but think that the mail delivered to the rental address could be from companies (large or small) and a lawyer or two, looking to "help" with refinancing, bankruptcy procedures, looking to buy the house, etc.
When I've dealt with buying foreclosures, even at the courthouse, the owner's name and the address of the property in foreclosure is what is obvious. Not necessarily the property owner's HOME address. You have to look up the mortgage records (in my experience) to find out that minor detail.
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If the OP started this thread he/she has valid concerns. He/she will not get answers unless some investigation aka snooping is involved. Smells like a foreclosure to me. There are other signs though without doing more than being observant. Most banks will send someone to drive by the property to inspect it. They want to know if it is occupied and the condition of the property. Often times they will send someone by to snap a photo. Also if something should break at the property and he/she calls the LL for a repair, complete disinterest is also a sign because why would the LL pay to fix something when they know the house will be gone soon
Well,since I've read the entire thread before replying back to you, yes it is. But not everyone who searches for (and sells) NOD info goes back to check if the lien has been dismissed or not.
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The process is actually not all that long of a process. What is making it a long process now is that there are so many out there. Depending on the bank and what state you live in, time frames vary.
Actually it depends on a lot of factors. Is the homeowner claiming bankruptcy? Getting through that can take forever. Did the homeowner hire an attorney who keeps postponing the auction date...I've seen that go on for a year +, only to have bankruptcy claimed and have THAT process, itself, can take a good year (or more) when the sale of the house is required by the trustee.
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Not all repos are crap holes, especially if the home is being rented out by good tenants. In areas where foreclosures are common, so is the theft and destruction of a property when it sits empty.
In my experience, the majority are. The homeowner has no money to pay the mortgage, therefore repairs and simple upkeep slide. And the mortgage usually isn't the first bill they haven't paid. Property taxes, water/sewer and HELOCs are...and if there are any HOA dues...those too. It's on the rare side, again - in my experience - for a homeowner in default of a first mortgage to only be in default of a first mortgage.
9 times out of 10, once the bank buys the mortgage back, the bank "winterizes" the house and doesn't keep the electricity on. There's no temperature control and it doesn't take very long for a house to show it. I recently looked at a 3500 sq.ft REO in a nice neighborhood. The basement had flooded (no electricity for the sump pump to run), the wood deck hadn't been maintained and was rotting, gutters were hanging off the roof (the ones that were still attached), landscaping was so overgrown you couldn't walk up the pavered front walk to the house (and a huge bee hive had taken residence in one of the decorative trees), etc. Sheetrock was cracking, the screws were popping out all over the house, it was a sad sight.
And what makes it worse? The bank asks full market value.
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I actually started a thread about this a while back. My uncle came home to find his front door busted in. He has a foreclosure next door to him. The idiots that were sent out to winterize the property got the address wrong. After breaking into his house, cutting up his front door to install a padlock, tossing his belongings into heap on the floor and cutting the door off his fridge they realized they were in the wrong house. They left a note simply saying to contact such and such person. True story!
That is ridiculous!!! I hope he was fully compensated and then some!
Last edited by Informed Info; 02-07-2011 at 08:11 PM..
I believe when dealing with foreclosures they send notices to every possible address they have including owners' mailing address and the property address. The letter from the attorney is probably from one who trolls the courthouse records looking for foreclosure notice filings (lis pendens, etc.)
I would have to agree. What kind of a bank or bank-hired lawyer sends out letter's with "RE: YOUR FORECLOSURE" on it?
But maybe times have changed? I don't know.
Buying a Foreclosure 101 dictates that you NEVER pull up to a homeowner's house (after they agreed to meet with you) in a car with "I BUY FORECLOSURES" all over it. And you NEVER EVER send a homeowner mail that has anything to do with their financial issues plastered all over it. Keep it on the low down for their sake. They're going through enough as it is.
Things have really got interesting. We have gotten quite a few pieces of mail from a single collector addresed to "Current Home Owner", "Current Tenant" and our land lord. All certified mail.
I still haven't told my land lord about these letters, but I did talk to them the other day regarding fixing my stove and why I haven't been recieving receipts for the past 3 months. The land lord informed that in December they found out that they have a life threatening desease and they they haven't gotten around to the receipts since they were focused on their medical treatments. They also mentioned they had to leave their work to focus on their health. This leads me to believe that they are now pretty much depending on me paying rent for them to carry on.
I have no reason not to believe the story as the land lord has been a very decent person for the past 2 years that I have known them. It saddens me to find out what has happened to them. Because of their health, they need to make many sacrifices and I'm sure the bank won't care one bit about the situation.
I guess I still have to think about what will happen to me. But not only do I have to deal with a potential foreclosure, I have to deal with the possibility that the land lord may actually pass away soon.
Life can be a b*tch.
I guess if you know the guy well I can't dispute with you on this. But this would be a very dubious story for me to believe. Sounds like stalling to keep you in the rental.
Do what you need to make sure that you don't have to find a new place after the cops come and remove your things. Also don't put yourself in a position of having things that need to be fixed and no one to fix them because of this condition.
Things have really got interesting. We have gotten quite a few pieces of mail from a single collector addresed to "Current Home Owner", "Current Tenant" and our land lord. All certified mail.
I still haven't told my land lord about these letters, but I did talk to them the other day regarding fixing my stove and why I haven't been recieving receipts for the past 3 months. The land lord informed that in December they found out that they have a life threatening desease and they they haven't gotten around to the receipts since they were focused on their medical treatments. They also mentioned they had to leave their work to focus on their health. This leads me to believe that they are now pretty much depending on me paying rent for them to carry on.
I have no reason not to believe the story as the land lord has been a very decent person for the past 2 years that I have known them. It saddens me to find out what has happened to them. Because of their health, they need to make many sacrifices and I'm sure the bank won't care one bit about the situation.
I guess I still have to think about what will happen to me. But not only do I have to deal with a potential foreclosure, I have to deal with the possibility that the land lord may actually pass away soon.
Life can be a b*tch.
Did you open the letters that were addressed to "current tenant"? I wouldn't advise opening up his mail... but the ones that are addressed to tenant - might give you some answers.
Sucks about your LL's health but you do need to do what's best for you. Good luck.
If you have decent relationship with your LL then maybe you can have a candid discussion with him. If he is a decent person then there is no reason he shouldn't be keeping you informed the status of the house. He should be able to provide you with time lines of how the foreclosure process is progressing. This way you are not in the dark. I hope he is informing the mortgage company he has tenants. He obviously is pocketing the rental income so in exchange he should be honest with you on what your future holds on what you will need to do next.
I would have to agree. What kind of a bank or bank-hired lawyer sends out letter's with "RE: YOUR FORECLOSURE" on it?
But maybe times have changed? I don't know.
Buying a Foreclosure 101 dictates that you NEVER pull up to a homeowner's house (after they agreed to meet with you) in a car with "I BUY FORECLOSURES" all over it. And you NEVER EVER send a homeowner mail that has anything to do with their financial issues plastered all over it. Keep it on the low down for their sake. They're going through enough as it is.
As mentioned in the above posts, spammers get names to send these notices to people from people who are actually in foreclosure and the public records that contain this information. Regardless the OP has discovered the title of the rental property has a default recorded on it.
I have a question: as I had mentioned, we've received two notices from USPS that our LL has a certified letter at the PO waiting for him, and the sender is a law firm that represents mortgage lenders in foreclosure actions. I got a message from the LL yesterday that he is "refinancing" this place and an appraiser is coming by today, followed on another day by the bank. I suppose it is possible he is trying to work out something with the bank, right? I do plan to ask him outright.
You are held by standards of executed lease agreement pay for monthly rental.
True
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Originally Posted by Lynn411
Landlord could be working out the situation with the lender
Doesn't matter to the renter. All that matters is whether the rental will be foreclosed on while the person is still living there. "Working on" doesn't mean much.
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Originally Posted by Lynn411
As a tenant NO matter commercial or residential UNLESS you own property always at risk
Just as any homeowner. However there are many steps you can take to minimize your risk and create an effective exit plan that leaves you as unscathed as possible when situations such as these arrive. You certainly don't have to wait for the owners to have their property repossessed and have the cops come put your stuff on the curb to go do something.
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